ICE calls for pause in new EU rules during Brexit talks

Jeff Sprecher, chief executive officer of IntercontinentalExchange speaks during the Sandler O'Neill global exchange and brokerage conference in New York June 10, 2011.Lucas Jackson

LONDON (Reuters) - New European Union securities rules due to be implemented next year should be postponed while Britain and the bloc work out new trading terms in financial services, InterContinental Exchange Chief Executive Jeff Sprecher said on Wednesday.

Sprecher said the EU's "MiFID II" rules were "daft" and the worst piece of legislation he had ever seen.

"It seems like in both parties interests to pause," Sprecher told a conference in London.

He also said Britain has a strong hand in financial services in Brexit negotiations with the EU.